Guaranty Bank, oil firm partner to expand services

Forte Oil locations nationwide

from HENRY IFEANYI in Abuja, NigeriaLAGOS – GUARANTY Trust Bank plc has launched a comprehensive agent-banking service at Forte Oil locations nationwide as part of its efforts at bringing banking services closer to its existing and potential customers.

The initiative, GTExpress, a partnership between the bank and Nigeria’s
foremost energy solutions provider, aims to bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries,
bills payment and funds transfer closer to the people.

The bank has rolled out in 14 Forte Oil locations nationwide.

According to the Managing Director of Guaranty Trust Bank, Segun Agbaje, the initiative aims to reach out to the underserved and unbanked segments of the population in a cost efficient manner through the use of non-banking retail outlets.

“The unbanked sector of the economy presents a significant growth area for banks in emerging markets. Our objective is to offer banking products and services to this segment via non-banking outlets thus breaking down barriers to financial inclusion such as accessibility and cost.

“This is a great step in achieving a more inclusive financial services industry,” he said.